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Supposedly, the debt that the US government owes to the Fed is explained as "we owe it to ourselves."
If that is really the case, then why does it not cancel itself out? Congressman Ron Paul has just introduced a bill to cancel the $1.6 Trillion that the government "owes to itself."
This would be a partial Jubilee.
Don't expect the bill to go anywhere. Most of our politicians still think the Fed is owned by the Federal Government. (Why else would it be called the "Fed"?? Words do mean something, you know.)
The dirty little secret in Washington is that the Fed is privately owned, so we don't really owe it to ourselves. We owe it to the class-A stockholders of the Federal Reserve Bank who tricked us into giving them the right to create money and loan it to us at interest.